‘There’s Fear in the Air’ Series

I worked with a young couple once and I was floored at what they had to go through. She commented to me: “I never knew what it was to fear finances until I had none. my financial source ended literally in a night.”

Many years before this, actually it was 37 years ago, my family began a battle with the IRS which lasted 12 years. A nightmare for me, it set the stage for financial crisis fear and panic and financial weariness. I cannot do my own taxes as a result of that experience. So, I am motivated to avoid all financial crisis at any cost.

Tips To Keep Finances in Order

The first steps I used were easy and helpful. Later I learned more strategies to keep my finances in order.

1. Keep all important receipts. I used to keep all receipts out of sheer panic. My panic clouded my mind to the common sense of saving receipts. Now I have to throw all the unnecessary ones away.
2. It became impossible for me to do my own taxes. So, I have had a dependable and trustworthy accountant to do that for me.
3. I found a budget that would make decisions for me. I used to have a good budgeting system that made sense to me, but as my life became more complicated, I had to find one that would think for me.
4. Starting a business that I would be proud of and could support my family was my goal. In fact, that business idea is growing into 3. Retirement is looking better more and more.
5. Trying to make my credit card debt lower became a challenge. I would pay them all off and then other crises would come, and I would get into debt again. It is very difficult to stop using them once they are used to get what is needed. I began to think of it as ‘my money’. That was the first mindset I worked on changing.

More Helpful Tips

Branching out into other more effective avenues of financial responsibility is always a good decision. Here are some more good tips:

1. Lowering monthly bills, using coupons, frequent flyer mileage, stocking up food for lean months, and not buying what is not absolutely necessary until my credit cards are paid off.
2. Buying good insurance with adequate coverage saves problems and surprise out of pocket expenses.
3. Transferring credit cards to one with a lower or no balance is a great move. Make sure the balance transfer fees cost is low or at zero.
4. Ask the credit card holder to decrease the interest rate to keep you as a customer.
5. Keep overhead business expenses low.
6. Make sure the maintenance on autos and home are current so you can avoid a big surprise expense later.
7. Save for short term emergencies.
8. Add long term savings and investments when the finances are more stable.
9. Be wise with your money.

How to Handle Financial Crises When They Hit

• Learn what caused it and how you can avoid the same thing happening again.
• Do not panic or fear what you cannot control.
• Control only what you can do something about.
• Get professional help, whether it is over the internet, a community source or hire a professional.
• Accept any failures and keep positive.
• Study what you can do to keep your home or avoid bankruptcy. There are helpful backup plans.

Once the attorney and an accountant were on board, the nightmare of the bankruptcy was tolerable. They have knowledge and the desire to help keep people sane who have to go through a bankruptcy proceeding. Look for ways to reduce the financial fears.

*Note: Financial fears are horrific to go through. I feel for anyone going through that now due to the COVID Crisis. The series ‘There’s Fear in the Air’ was begun before I knew of any global crisis coming and it helped put my fears in the right perspective.